If you’re involved in the financial services world, or even if you only followed the news for the last 10 years, you’ll be only too aware of the travails that have beset the industry in recent times. Mis-selling, manipulation and meltdowns are words that spring to mind.
Governments and regulators have responded by tightening up regulations, restricting practices, and expanding the scope – and extent – of the data that must be captured, collected and stored. This is to discourage bad practices and provide vital evidence when things appear to be other than they should.
And yet the tools that are deployed to support this enhanced oversight have, for the most part, hardly moved on. No doubt, the time is ripe for financial services businesses to reinvent compliance so that it probably would not be recognised by its former self.